[kmp]

I have made 100k for the past several years but have had lean years as well so it averages out in the end. It's not how much you make it's how much you keep.

 

[Haris]

I have made 100k for the past several years but have had lean years as well so it averages out in the end. It's not how much you make it's how much you keep.

Agreed, grossing 100K a year is not that hard but having that as annual profit is another story.

 

[Wolfgang]

Took me a little less than 2 years. Bartender at nights to make the money to live on and everything else went into the business. Either the business was going to be self-sustaining or it wasn't. Wasn't going to dip into savings/investments to make it happen.

My hourly rate wasn't cheaper than anyone else, I just didn't have the overhead they carried. I looked at every job as the potential to give me a few more. Always asked for referrals or that they put the word out about me.

A lot of this depends on what you're business model or plan is. I've seen so many come and go. They think they can go from being an employee to being a business owner with out the slightest clue about Business 101. Bought a lot of equipment for pennies on the dollar from these guys.

 

[Haris]

Size of the outfit also makes a big difference, making 100K a year for one man show should be a very profitable year and an outfit that employs 3 people will most likely claim a loss or be lucky if they break even at the end of the year.

 

[Wolfgang]

As a solo operator, your income will eventually cap out. How many producing hours can you manage in a week? Add to that, your bid hours, paperwork, maintenance, etc., time and you'll know what I mean.

 

[kmp]

I'm not bragging but the 100k I made was not gross or company profit it is what I took home. Now after taxes and stuff what I kept is way different.

 

[Wolfgang]

40 hr work week x 52 weeks = 2,080 hours. $100K gross would be $48-49 per hour of working every income, (labor), producing hour. Income producing would be the hours you put in actually making money. In order to net $100k income would depend on what your tax/business plan is set up to be.

 

[kmp]

That is under the direction of my wife, the administrator. I apply give her the money and don't worry about it after that.

 

[Haris]

40 hr work week x 52 weeks = 2,080 hours. $100K gross would be $48-49 per hour of working every income, (labor), producing hour. Income producing would be the hours you put in actually making money. In order to net $100k income would depend on what your tax/business plan is set up to be.

That would be correct if there is no overhead at all, when you add overhead to that number hourly wage has to be significantly higher then $48-49 per hour and has to be consistent throughout they year in order to take home 100 large.

 

[Wolfgang]

Re-read the post. I said "$100k gross". I would hope you know the difference between Gross and Net. Gross is considered before expenses/taxes - just so we're on the same page.

 

[Haris]

Re-read the post. I said "$100k gross". I would hope you know the difference between Gross and Net. Gross is considered before expenses/taxes - just so we're on the same page.

My bad Wolfgang I somehow missed that " little detail" when I first red your post.

 

[CApainter]

Given those numbers, There has to be something more to owning a business than simply making a wage.

 

[SweetLu]

I couldn’t agree more. One of my favourite things about running our business is that we don’t have to work 40 hours a week if we don’t want to. Most times we book one job a week, even though there’s more out there to take. I love having a couple days off a week if I can. 4 day weekends are better than money in the bank you don’t have time to spend. But I posed this question to see how long it took you all to get to the point where you could start making the big bucks. These answers are great so thanks everyone.

 

[Haris]

I couldn’t agree more. One of my favourite things about running our business is that we don’t have to work 40 hours a week if we don’t want to. Most times we book one job a week, even though there’s more out there to take. I love having a couple days off a week if I can. 4 day weekends are better than money in the bank you don’t have time to spend. But I posed this question to see how long it took you all to get to the point where you could start making the big bucks. These answers are great so thanks everyone.

Beauty about being your own boss is work less and make more

 

[Wolfgang]

How many of you starting out in business or have been in business a couple years have a written business plan?

Projected growth? Projected income? Projected equipment purchases / maintenance? Projected insurance costs?

How about a equipment and maintenance account?

Some are lucky that they can fly by the seat of their pants running their businesses. Others just become another statistic in the failed business column.

 

[SweetLu]

A business plan is my goal during any slow time this winter. I gotta research how to make a proper one and what I should include in it.

 

[ElegantPainting]

how long did it take for your business to have a break out year? (if that’s ever happened). Or have you found that it’s been steady growth with random off years due to the economy?

Also, would you recommend hiring on a few people if there’s the work

The corner was turned around yr#5. Of course economy plays a big part. Another huge factor is how much of your focus are you willing to dedicate to your business?

Yes, do hire good people - Top priority: Attract and keep quality talent long-term.
You may want to look up Brian Tracy. He answers all these types of questions in his books and youtube vids.

 

[zoomermp]

If you are concerned about the big bucks right away, you won't make the big bucks .
Build your business, build your clientele. Become passionate about your work. Know your paint products well. Money will follow.

 

[RH]

A business plan is my goal during any slow time this winter. I gotta research how to make a proper one and what I should include in it.

You might check to see if there are any business mentor programs available in your area. We have one in our town that consists of retired business men and women who volunteer their time to assist newer business owners with things like this. There is no charge. I believe it is a program that has been formed in many cities.

 

[thinkpainting/nick]

You make money at this ? Who knew ��